KSI Realty is pleased to share with you a recent article by Will Parker entitled "Rentopoly: Who Owns New York?" and published in the Real Deal on July 1st, 2016. It enables readers to get an in-depth knowledge of the top actors in the Landlord real estate industry, as well as to why the cost of rental properties are rising at an alarming rate in NYC. You get introduced to the real estate "families" such as the Related Group headed by Stephen Ross, a saavy tax attorney who created his group in the early 70's and is currently developping the largest property mix-use project in the world at Hudson Yards in West Chelsea. Another, famous name on that list is Richard LeFrak, grand son on Maurice LeFrak (French immigrant) who developped some of the most infamous neighborhoods from Queens, to New Jersey and has expended recently to Florida and California.
You also learn that the now expired 421 A Tax abaitment program was a key tool for developpers to ensure that their new rental property buildings were to be profitable. The article alludes that the city may have lost more than $1 billion in unearned tax revenues which could have gone towards improvements of services but also ensuring rent stabilization.
To learn more about this "game" of Rentopoly please click here.
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